First Victory Of Harmony Gold

South African Harmony Gold Mining Co. has acquired Monday a 10.8 per cent stake in Gold Fields in the first phase of its $6.6 billion takeover bid.

Harmony said now it owns or has undertakings for 30.9% of Gold Fields, together with Russian metals giant Norilsk Nickel.

Harmony, which had hoped to acquire the majority stake, said it would proceed with its offer to acquire the remaining Gold Fields shares on the same basis as its early offer - 1.275 of its shares for each Gold Fields share. The bid, made on October 18, was initially valued at $8.1bn.